Monday, March 14, 2016

What Do College Students Carry in their Wallets?

They carry cash, according to a Sallie Mae survey of college students aged 18 to 24. Eighty-six percent of students say they have cash in their wallet. Almost as many—85 percent—carry a debit card. A smaller 56 percent have a credit card.

The Sallie Mae survey probes the financial attitudes, behavior, and knowledge of students at technical schools, two-year colleges, and four-year institutions. According to the survey, 52 percent have student loans, 23 percent have credit card debt, 13 percent have vehicle loans, 9 percent have a mortgage, and 7 percent have medical debt.

Twenty-four percent of college students say they are excellent money managers, and another 41 percent say they are good at it. Only 29 percent say they are just average, and 6 percent rate themselves as not very good or poor. Interestingly, those who consider themselves excellent at managing their money are less likely than those who rate their skills more modestly to correctly answer a three-question financial literacy test.

Source: Sallie Mae, Majoring in Money: How American College Students Manage Their Finances

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